Which of the Following Is True Regarding Matt's Entitlement to Share

Multiple Choice

Which of the following is true regarding Matt's entitlement to share in profits?

A) During the first year of business, a limited partner is not legally entitled to a share of the profits.
B) During the first year of business, a limited partner is only entitled to a share of the profits at the discretion of the general partners.
C) A limited partner is generally entitled to a share of the profits, but during the first year of business, a limited partner is only entitled to one-half of whatever the share would normally have been.
D) During the first year of business and also in subsequent years, a limited partner has a right to share in the profits.
E) A new limited partner is only entitled share in the profits after a partnership has been successful for three consecutive years.